Substitute Goods. Contrary to complementary goods and independent goods substitute goods may replace each other in use due to changing economic. Substitutes present the consumer with alternative choices.
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Substitutes present the consumer with alternative choices. If the price of one of the products rises or falls then demand for the substitute goods or substitute good if there is just one other is likely to increase or decline. Contrary to complementary goods and independent goods substitute goods may replace each other in use due to changing economic.
Substitute goods or substitutes are at least two products that could be used for the same purpose by the same consumers.
When the price of one substitute good goes up the demand for the other substitute also goes up this is known as positive cross price elasticity. Substitutes present the consumer with alternative choices. These changes typically include changes to price convenience or composition. A substitute good is chosen when the preferred good has changed in some sense making it more beneficial or even necessary to use the substitute good.
